Halal Pharmaceuticals Market is Expected to Register a CAGR of 9.4% During the Forecast Period 2020-2025 |Drug Class, Product Overview, Source
Global Halal Pharmaceuticals Market was USD 93.96 billion in 2018 and is expected to USD 174.59 billion by the end of 2025. Halal pharmaceuticals are medicinal products that are made of ingredients approved by Sharia or Islamic religious laws. These products are specifically manufactured by using machinery and equipment that are not contaminated by prohibited / non halal materials based on the Islamic law.
Halal Pharmaceuticals Market Decoded in a Detailed Business Intelligence Report
Global halal pharmaceuticals market is anticipated to remain largely on the growth track with massive rise in disease occurrences as well as gradually expanding Muslim population globally. Additionally, the spending capabilities of several Muslim demographics resides across developed countries in Europe and America are estimated to trigger large scale growth in global halal pharmaceuticals market in the coming years. Further, as pharma companies are fast adopting internal certificates such as Halal Certifications Services, scope for growth in global halal pharmaceuticals market which now is in a state of infancy is expected to exceed expectations. However, besides massive growth opportunities the market for halal pharmaceuticals is likely to witness bottlenecks such as high chances of cross contamination.
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About Halal Pharmaceuticals:
Halal pharmaceuticals are medicinal products that are made of ingredients approved by Sharia or Islamic religious laws. These products are specifically manufactured by using machinery and equipment that are not contaminated by prohibited / non halal materials based on the Islamic law. Halal pharmaceuticals are not only harmonized with the Islamic law and Goods Manufacturing Practice (GMP). For ensuring the production process of pharmaceuticals to be Halal compliant, the manufacturing firm must fulfill the quality requirements and prevent cross contamination of halal approved ingredients, vessels, and equipment.
Development of new products is a very important factor for opening new avenues in the global halal pharmaceutical market. Over the last few years, the halal pharmaceutical market has witnessed significant developments pertaining to research and innovation. Key industry players such as AJ Pharma and Pharmaniaga have been focusing on the development of Halal compliant vaccines. In addition to this, the production of these vaccines will be initiated in a new manufacturing setup the construction of which is expected to be completed by the end of 2019. Such a scenario is considered to be a leverage for global level investors who are aiming to optimize their business growth in the halal pharmaceutical sector.
The total Muslim consumer spending on pharmaceuticals is expected to surpass USD 131 billion over the forecast period. These socio-economic trends coupled with increasing number of halal certifications worldwide are likely to boost the market growth of halal pharmaceuticals by the end of 2025. Additionally, the global Islamic economy has recently undergone developments pertaining to trade technologies and finance. Players are implementing blockchain technology for payments in order to ensure compliance with halal certifications and to keep track of pharmaceuticals, food, and cosmetics at every step of the logistics chain from manufacturing operations to retail.
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Detailed research offerings presented in the report are inclined towards enlightening report readers with versatile understanding on market developments as well as market definition and dynamics that pose flourishing growth in global halal pharmaceuticals market. A dedicated section on market segmentation is also included in the report based on which readers can well decipher understanding on the segment propelling revenue maximization. Based on segmentation, global halal pharmaceuticals market is diversified into drug class, product, and source material. By application, global halal pharmaceuticals market is classified into commercial and personal. A thorough review on market segmentation based on regional overview is also included in the report based on which Europe, North America, APAC, MEA, and South America are identified as major regional hubs in global halal pharmaceuticals market.
Further in the concluding sections of this report on global halal pharmaceuticals market, readers are presented with decisive understanding on competition spectrum, based on which Pharmaniaga Bhd, Simpor Pharma Sdn Bhd, Hovid Bhd, Duopharma Biotech Berhad, Bosch Pharmaceuticals,Nutramedica Incorporated, and Hovid Bhd are enlisted as prominent players in global halal pharmaceuticals market.Report readers are offered workable cues on market progress, thereby propelling growth oriented business strategies for sustainable revenue pools in global halal pharmaceuticals market.
The Halal pharmaceutical sector has seen several important developments over the past two years. Among these was issuance of first Halal license for Rx (prescription) medicine to the Chemical Company of Malaysia (CCM) by the religious authority of Malaysia, JAKIM. Meanwhile, Indonesia is also preparing for compulsory Halal products, and UAE’s ESMA will require certification of all Halal imports.
Segment Overview of GlobalHalal pharmaceuticalsMarket
- Drug Class Overview:
- Respiratory drugs
- Cardiovascular drugs
- Endocrine drugs
- Pain medications
- Allergies (cough and cold)
- Product Overview:
- Source Material Overview:
- Plant and plant derivatives
- Animals (compliant under religious laws)
- Synthetic and semi-synthetic source
- Recombinant DNA (rDNA)
- Regional Overview:
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
For Any Query on the Halal Pharmaceuticals Market:
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